Bitcoin Forum

Early May, I just arrived overseas for a 2 month holiday when I discovered GPU mining.  Very frustrating to not be able to join the lemmings!  Anyway, I did some research and it became very clear that the then profitability was a bubble that would burst well before the end of the year.  But still I wanted to mine, as a hobby more than anything else.  I certainly didn't expect a ROI in 60 or 90 days as many were insisting, but hoped to get to 50% ROI in a few months and 100% in a couple of years.

It was easy to forsee that by the time I got back (end of June), GPUs would be out of stock so I ordered everything I needed from my home country supplier so I could pick them up and build my rig when I came back.  I ordered and paid for them and the store assured me they were put aside for me and ready to pick up on my return.

A week before I came back, I contacted the store only to be told of a "global shortage" and my GPUs were somehow no long put aside, (despite my having already paid for them), no longer in stock and no timeframe for when they would be.  I got a full refund of course but disappointing that my supplier turned out to be dishonorable and dishonest.  Sure enough within a few days, he was showing them in stock but at 50% higher prices than I paid.

But I wasn't too bothered by it as the first signs of the current bear market were visible and it was too late to hope for 50% roi by the end of the year.

I am still planning to be a hobby miner with a 9 GPU rig but will now bide my time until I can pick from the glut of GPUs on ebay for around $50 a piece.  Probably end of this year.  Mining by then will probably cost more than it makes but still a fun hobby, albeit a loss making one.

When GPUs are going to be selling for $50 on eBay, nobody will be buying them including yourself because the profitability will suck.

The only people that will benefit from cheap GPUs are going to be gamers.

Choose

Pay $250 for a GPU that makes $10/day

Pay $50 for a GPU that makes $0.10/day

I would rather wait 6 months and buy a 1070 for $50 than pay $250 now.  Besides you can't make $10 a day per GPU now, more like $2 or $3.  In 6 months it will likely be 10 cents a day, but I'm totally satisfied with that. As I said, I will do for fun, not profit.  It's a hobby and I don't expect to make money.  But 10 cents a day profit would be a bonus!

you are dreaming if you think a 1070 or even rx 470 is gona be selling for $50 in  a mres six months , try 5 years lol pass me your drugs

lowest a used 1070 will go for for the next 2 years will be $300 its still the sweet spot for gaming even after vega for all of 2018 at least.  The rx seriues will be much cheaper but even then it will take at leat two years for even the 4gb cards to drop to $100 lol.

gpus from this gen rx and 1000 serises will hold decent value no matter what for the next two years stop with the bs

When money is involved, don't expect them to be loyal, I mean where I live my friend had a deal with the supplier, he used to be the only person to buy gpu's from him after the madness for gpu's started, he wasn't reliable anymore, he could not make promises, know why? because he was selling them at 50% higher, so I told my friend dont buy it, leave if as it is, sit tight and wait, thing is after all this madness is over, he will be grateful my friend will be back and will buy again from him at the correct price. People get greedy, so let the idiots buy them expensive.


This is exactly my thoughts. The just want to get in while things are boomy and run away when things get gloomy hehe. Management 101.


He did not mean the gtx 1070 or rx polaris will be $50. He meant that people want dollars and not pennies. For them profitability is what is important and that is not what a real miner only see.

Only short-sighted people look at day to day profitability. Successful investments require a long term vision and purpose, mining is no different. If you were around during the GPU run-up of 2014, you also know GPU prices went up quickly and were slow to come down even after profitability was nowhere to be found after ASIC's and megapools took over most of the coins being mined.

This is a good quote for noobs but I dont think they will look at your post as an incentive hehe, these people just want a quick money machine hehe, like adaseb said, even if the gpu is at $50 and the profitability sucks then they will find another thing to do. They want to pay $700 and earn $3 per day, than pay $200 and earn $0.40 per day. They just want to get in while is hot.

A zotac gtx 1070 mini's lowest price on amazon was 330$, it hit 340$ multiple times too. Its currently 470-480$, if and when this bubble pops you're going to be seeing it under 300$ by a mile, probably 250$, shouldn't be surprised if it goes under that too. Gamers are going to hop on the train of under priced rx series.

There is probably about 20-30 million GPUs which are sold annually to gamers by Nvidia+AMD.

So most likely there will be a period where the people who maxed out their credit cards at 20% APR interest will need to dump at the lowest price they can get on eBay but eventually it will level out within time. Like it did for the Litecoin bust. I think 6 months after the crash, GPU pricing returned back to normal.

If you are bored here is a good history lesson.

https://archive.litecointalk.org/index.php?topic=11743

That guy basically started out mining in Nov-Dec 2013 when the mining was VERY PROFITABLE. He kept buying and buying and buying GPUs while others told him to wait. He eventually borrowed money from relatives to buy overpriced GPUs when the mining had turned. Then a few months later he ended up selling those $400 R9 280X for like $100 on eBay because he had to repay his debts.

So instead of him living with a healthy profit, he ended up with a huge loss due to greed.

I still have my $400 R9 280Xs from 2013/2014. Had to replace the fans and thermal paste on them as well as burning my PSU cables to a crisp.

i bought 6 x gtx 1070 on interest free for a year, 552 dollars each as uk is more expensive. in 4 months mining made over 1500 dollars so nearly half roi. if i sell today i don't lose a thing. i used to mine for daily profit now i mine longterm.

one weekend made 100 dollars mining when it went mad.

How much do you pay for kilowatt electricity?

Damn where are you getting those 1070 for $250??

.16 usd  or 13 pence per kw.h

uk is very expensive but i was lucky got in at right time.

On ebay people selling 6 x 1070 rigs for 4k or 5k usd

i was mining only with 4 cards pre

Yes very lucky, hardware prices in the uk is very expensive. You know that soon with your current electricity price you will no be able to mine anymore, well, it will all depend on profitability.

Funny, in every thread there are at least three Nostradamuses  borned and not a single true prediction for the last couple years... You guys suck in predictions, change the job :D

i sold it today for what i paid 3 months ago.

When the profit is high, the price for electricity is not so affected

I fixed your post with the third and best choice...this is how the pros do it...I was essentially making 50/Day/GPU when I held all eth coins I mined last year...ahh the fun days of picking up 280x's for 60 bucks and mining over a quarter an eth a day with them back then lol.

In that case why mine at all? Just buy the coin

I find mining just more enjoyable than trading. Plus I actually believe in crypto and the ecosystem at large. Securing the network while earning coins for  "free" is way better than traders that are just in it for profit. Im still holding eth even with this downturn.